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Markets News Afternoon: US new home sales fell in 2009 to lowest level since at least 1963; Shares down in Europe and US; Tullow raises £925m
By Finfacts Team
Jan 27, 2010 - 4:21:11 PM
Sales of new homes in the US unexpectedly fell in December 2009 in a signal that the impact of a government tax credit is waning. Sales in 2009 were the lowest since at least 1963.
Sales of new one-family houses in December 2009 were at a seasonally adjusted annual rate of 342,000, according to estimates released jointly today by the US Census Bureau and the Department of Housing and Urban Development.
This is 7.6% below the revised November rate of 370,000 and is 8.6% below the December 2008 estimate of 374,000.
The median sales price of new houses sold in December 2009 was $221,300; the average sales price was $290,600. The seasonally adjusted estimate of new houses for sale at the end of December was 231,000. This represents a supply of 8.1 months at the current sales rate.
An estimated 374,000 new homes were sold in 2009. This is 22.9% below the 2008 figure of 485,000.
Tullow Oil
Tullow Oil, which is listed in London, announced today the completion of the placing announced earlier Wednesday.
A total of 80,431,796 new ordinary shares have been placed with institutions at a price of 1,150 pence.
Based on the placing price, the gross proceeds of the placing will be £925 million. The shares being issued represent an increase of approximately 9.99%. in Tullow's existing issued share capital.
Irish court judgments against companies
Figures released today show that the value of court judgments against companies for unpaid debt in 2009 was €36.4m - - up 54% from 2008, according to ICC Information.
The total number of court judgments fell from 2,065 in 2008 to 1,531.
ICC said the average value of a judgment doubled from €11,452 to €23,778.
The construction sector accounted for the biggest number of judgments at 31.4%, totalling €11.4m.
Dublin companies accounted for 36% of judgments, with a value of €13m.
Gala
Online Japanese gaming company Gala is to expand its European headquarters in Dublin with the creation of 103 new jobs.
The company is located in Dublin's Digital Hub and the company said the expansion is a result of growth of the European online games market and the success of the Irish operation to date.
US Treasury Secretary Timothy Geithner's opening statement at the House Committee on Oversight and Government Reform's hearing to examine the collapse and federal rescue of American International Group:
Dublin Port
Dublin Port Company reported today that trade levels stabilised in the second half of last year after weak levels in the first half of 2009.
Total imports and exports at Dublin Port dropped by 10% in 2009.
Ferry passenger numbers rose by 18% to 1.5 million. Almost 80 cruise liners called in at Dublin during the year, contributing about €35-50m to the local economy.
Containerised trade, which accounts for 78% of Dublin Port's activity, fell by 10% last year.
Toyota is stopping the sale of eight models due to issues with accelerator pedals. CNBC's Phil LeBeau has the details:
US markets
The Dow Jones is down 28 points or 0.27% to 10,167.
A 7.5% drop in component Caterpillar, followed today's announcement of a sharp decline in fourth-quarter earnings.
Caterpillar is viewed as a bellwether for manufacturing and it reported that fourth-quarter earnings plunged by 65%, but the heavy-machinery maker said it is seeing demand pick up.
The company reported rising orders for mining equipment as a result of rebounding prices for mined commodities. The world's largest construction machinery company also said it's seeing improving demand from China, as well as in North America, Europe and Japan.
The Nasdaq is up 0.9% and the S&P 500 is down 0.16%.
In Europe, the Dow Jones Stoxx 600 is down 0.91% Wednesday.
The German government today revised up its forecast of 2010 economic growth in its twice yearly outlook. The Eurozone's biggest economy will grow 1.4% this year, compared with the 1.2% growth forecast in October. However, Deutsche Bank, Germany's biggest, is forecasting growth of more than 2%.
The risk of sovereign debt default is increasing, but that doesn't mean there is a significant risk of countries defaulting on their debt, Deven Sharma, president of S&P's, told CNBC in Davos Wednesday:
Oil
On the New York Mercantile Exchange, oil for March 2010 delivery is trading at $74.78 up 7 cents from Tuesday's close. In London, Brent crude for March delivery is trading at $73.41 a barrel.
Currencies
The euro is trading at $1.4036 and at £0.8671.
For live currency updates, check the right-hand column of the Finfacts home page.The dollar traded at a record low $1.6038 per euro on July 15, 2008.
